Bitcoin (BTC) miners don’t sell their BTCs, which could be a bullish sign for the cryptocurrency market.
According to a tweet from CryptoQuant CEO Ki Young Ju, cryptocurrency miners are on the bull side even after the mining pressure in China.
According to the on-chain data, a number of miners are gradually improving, with the US overtaking China in terms of network hashrate, in addition to the absence of selling pressure from their wallets. We previously announced that with the miners leaving China, the USA is the new address for Bitcoin miners. In fact, according to the data in a news we published this morning, the USA is currently the leader in terms of hashrate with a rate of 35% according to the data obtained.
Thanks to the improved hashrate, miners’ wallets continue to see entries of various cryptocurrencies. There is a significant entry into the wallets and there seems to be no exit in the current market conditions.
Why Do Miners Retain?
The main reason for the lack of selling pressure from miners may lie in the general market sentiment and the latest Bitcoin movements. Sudden increases in the miners’ position index correlate with strong and volatile Bitcoin movements. The most recent selloff from miners was observed in January 2021, when Bitcoin created the first spike in the new bull run. After the sale took place, BTC retreated by 25%.
Making statements on the subject, CryptoQuant CEO Ki Young Ju used the following statements:
“Bitcoin miners are now on the bull side. Despite China’s Crypto ban, miners, including miners in China, keep BTC in their wallets. There is no significant miner exit compared to earlier this year and the hash rate is recovering with US miners.”